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Palm Beach County saw a 63 percent surge in foreclosure filings last
month compared to a month earlier, according to national real estate
foreclosure tracking company RealtyTrac's monthly foreclosure market
report released today (see report after the jump). Its 4,490 filings gave it a ninth-place ranking
statewide. Foreclosure filings in Miami-Dade County jumped 44
percent to 6,671. By rate of foreclosure filings, Broward County ranked
third in Florida behind Lee and St. Lucie counties with 7,872 filings
in February, a 3 percent month-over-month rise. Statewide,
foreclosure filings -- default notices, scheduled auctions and bank
repossessions -- rose nearly 15 percent in February, wiping out
January's welcome declines and signaling that a rocky road still lies
ahead for struggling homeowners in the region, the data show. One
in every 163 Florida homeowners, or 54,032, received a foreclosure
filing last month, up 14.79 percent from January, the report says,
putting the state at third in the nation in terms of foreclosure rates,
behind Nevada and -- just barely -- Arizona. Bleak as the
numbers may be, the statewide surge in February likely reflects a
prolonged pattern of "peaks and valleys" rather than of a general
worsening of the housing crisis, said Daren Blomquist, a spokesperson for
RealtyTrac.
The South Florida residential real estate market will not rebound to
previous highs until 2030, according to a Moody’s Economy.com
prediction. The forecast made something of a stir when it appeared deep
in an article on community development districts in Business Week
Monday (see chart on the forecast after the jump). While Moody’s Economy.com was under a contractual obligation not to
release the specific data it had supplied to Bloomberg, it provided The
Real Deal with data that supported a reasonably similar forecast -- a
peak to trough price trajectory that tells of a long road ahead for
Florida real estate.
The South Florida home to see the biggest price cut today is a four-bedroom, four-bathroom house at 241 Harbor Drive in Key Biscayne, according to data from Condo Vultures Realty. The $1.995 million Miami-Dade County home saw a $305,000, or 13 percent, price cut off its last asking price of $2.3 million. It was originally listed for $2.95 million when it hit the market in March 2009, before the last price cut in August 2009. The remodeled home, which was designed by Wilfredo Borroto, sits on a 7,500-square-foot lot and has a pool, bar, library and rooftop terrace with views of the Miami skyline. Monica Luzarraga of BLB Realty has the listing.(Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
The latest foreclosure prevention initiative unveiled by the Obama administration may have some homeowners scratching their heads. The Home Affordable Foreclosure Alternatives initiative is not a home loss prevention program but, rather, a way of facilitating short sales to eschew the foreclosure path. The program is, as Today Show financial editor Jean Chatzky explains in this video, “for people who’ve tried to get a loan modification, but haven’t been able to or didn’t succeed… Essentially it’s offering a formulaic short sale.”
Mortgage loan application volume rose nationwide for the second week in a row, thanks in large part to an increase in purchase applications, according to data from the Mortgage Bankers Association for the week that ended March 5. Purchase applications were up 5.7 percent over the week earlier, while refinancing applications declined by 1.5 percent, bringing overall application volume up by 0.5 percent. Refinancing activity took its lowest share of the market since October 2009, accounting for 67.2 percent of all applications and meanwhile, adjustable rate mortgages accounted for 5.1 percent, their highest share since November 2009. Average interest rates on 30-year fixed-rate mortgages rose to 5.01 percent from 4.95 percent, and on 15-year fixed-rate mortgages, rose to 4.32 percent from 4.27 percent one week ago. TRD
Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending Sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing.
As expected, the Palm Beach County Commission has chosen the Related Companies as the developer for the long-awaited 400-room Palm Beach County Convention Center Hotel. Plans for a new hotel next to the convention center in West Palm Beach have failed to get off the ground on numerous occasions over the past three years. Most recently, a contract with developer Ocean Properties fell through after a federal investigation into alleged corruption in the deal. Related, which developed the massive CityPlace retail and entertainment center in Downtown West Palm Beach, was recommended for the deal by a county selection committee. Contract negotiations and financing arrangements between Related and Palm Beach County are expected to take four to six months. Once built, the hotel will operate under the Hilton Hotels brand. TRD
Apollo Management has struck a deal to buy Citigroup’s real estate investment arm, Citi Property Investors, effectively tripling the value of Apollo’s real estate assets, according to Bloomberg news. Its purchase of Citi Property will yield 65 real estate investments valued at $3.5 billion for the private equity investment firm. Ironically, it’s this real estate portfolio that Apollo real estate sector head Joseph Azrack helped assemble as Citigroup’s property investment director from 2004 to 2008. Matthew Anderson, a partner at research firm Foresight Analytics, said that Apollo may have brought Citigroup a certain comfort in the deal. “Having it go to Apollo is in a certain sense returning it to the previous management,” Anderson said. Citigroup’s move to sell comes on the heels of mounting pressure from federal officials, who have urged the company to shed some of its assets. The Treasury Department currently maintains a 27 percent ownership of the company.
Industrial occupancy rates in Miami and Fort Lauderdale have gotten back on track, largely due to their position as port cities, according to a new report by Colliers International. In its Port City Industrial Markets White Paper, the firm reports that export traffic in Port Everglades/Fort Lauderdale has been steadily increasing, and that there will be a benefit to export-intensive ports from increased demand for industrial space. Steven Wasserman, manager at local Colliers Abood Wood-Fay, said South Florida will profit from Latin American development and increased shipping volume as Port Everglades dredges and expands. He said the Port of Miami will also grow in tonnage. TRD
The Mortgage Bankers Association, the real estate finance trade group, filed a letter this week with the
Department of Housing and Urban development expressing its
displeasure with several proposed HUD interpretations that would, in
its view, excessively restrict mortgage financing operations. The
letter proposed a revision to ensure that states would not be required
to regulate actors other than loan officers for lenders and mortgage
brokers. The MBA wished to have other workers, like employees and
contractors involved in servicing and loss mitigation be excluded from
regulation. The MBA has several of its own proposed regulations scheduled for hearing soon. [Housing Wire]
Florida community development districts are defaulting with increasing frequency. Investors' dumping of these bonds has caused more defaults on development district bonds than on all other tax-free debt in America. The problem was exemplified in a recent high-profile sale of defaulted bonds in Tilson's Landing, an incomplete project in Jacksonville. The builder at Tilson's Landing was Yellow Bluff, which was a venture between Jacksonville companies and Miami-based homebuilder Lennar, although Lennar has not commented on its community development district operations. [Business Week]
While loan modifications seem like a foreclosure escape route,
struggling homeowners have had difficulty obtaining them due largely to
overworked banks. Just 14.3 percent of South Floridians who are able to
agree on temporary changes to the terms of their loans end up with new
permanent agreements; of 100,000 modified mortgages in Florida, only
15,000 are now permanent. There is a new problem for struggling
homeowners, however: those who get modifications end up with terms not
unlike those that brought them to foreclosure in the first place, like
balloon payments. [Sun-Sentinel]
Less than a month after listing a 48,266-square-foot lot at 44 Star Island Drive, Techrin Estates has closed on the property, which has 220 feet of waterfront. It was listed on the firm's site at $7.25 million. Star Island, part of the City of Miami Beach, is home to a number of celebrities, including Rosie O'Donnell, Gloria Estefan and Sean "Diddy" Combs. Shaquille O'Neal sold his house at 26 Star Island Drive for $16 million in June. That sale made The Real Deal's top-five residential deals of 2009, when comparable homes had been sold for an average of $6 million. Techrin is also listing a $10 million home at 30 Star Island Drive. TRD
